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RAKBANK reports 2016 net profit of AED 663 million

Feb 02, 2017 - CPI Financial

National Bank of Ras Al Khaimah (RAKBANK) has reported a 52.8 per cent drop in net profits for the year to AED 663 million. Total income was down 2.5 per cent to AED 3.8 billion.

RAKBANK’s provision charge for loan impairments increased by AED 752.3 million as a result of larger payment defaults from unsecured SME and commercial loan products. The non-performing loans ratio rose to 4.2 per cent at end-2016 from 3.2 per cent at end-2015. Net credit losses to average loans and advances clo...